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WorksheetsRevision 1.6 Ownership
Total questions: 22
Worksheet time: 11mins
Name
Class
Date
1.
Who is limited liability an advantage to?
a)
Shareholders in a LTD or PLC
b)
Sole Traders
c)
Partnerships
2.
What is a partnership?
a)
A business owned by shareholders
b)
One person trading alone
c)
Two or more individuals trading together
3.
A form of business ownership in which the owners share the risk of loss and the chance for profit is a(n)
a)
partnership
b)
sole proprietorship
c)
corporation
4.
Although this type of business can be formed through a verbal agreement between two or more individuals, it is better to have a written agreement
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
5.
Owned by one individual.
a)
Sole Trader
b)
Partnership
c)
Corporation
d)
None of the above
6.
Often the riskiest to own, but owner does not share profit.
a)
Sole Trader
b)
Partnership
c)
Corporation
d)
None of the above.
7.
What is the main advantage of being a sole trader?
a)
Unlimited liability
b)
Limited liability
c)
Be able to make quick decisions
8.
Companies with "Ltd" in the name are...
a)
Public Limited companies
b)
Private Limited comanies
9.
Companies with "PLC" in the name are...
a)
Public Limited companies
b)
Private Limited comanies
10.
Public limited companies are owned by
a)
Shareholders
b)
Board of directors
c)
Friends and family
d)
Partners
11.
Many family businesses are...
a)
Sole Traders
b)
Partnerships
c)
Private Limited Companies
d)
Public Limited Companies
12.
Shares are only sold with the agreement of all other shareholders...
a)
Private Limited Company
b)
Public Limited Company
13.
Private and Public Limited companies both have
a)
Unlimited Libaility
b)
Limited libaility
14.
Anyone can own shares in this type of company
a)
Private Limited Company
b)
Public Limited Company
15.
Limited Liability means...
a)
shareholders are only responsible for the amount they agreed to invest in the company
b)
shareholders are personally responsible for the debts of a company
c)
liability is limited to 50 shareholders with the most investment in the company.
16.
what is unlimited liability?
a)
Personal possessions CAN be taken to repay a debt
b)
Personal possessions CANNOT be taken to repay a debt
17.
What is a franchise?
a)
When a person buys from a business
b)
When a person buys the rights to a business
c)
When a person owns a new business
d)
When a person sues a business
18.
Which of the following Ownerships have unlimited liability
a)
Sole Trader, Partnership
b)
Public Limited Company, Sole Trader
c)
Private Limited Company, Partnership
d)
Private Limited and Public Limited Companies
19.
What is the difference between PLC and LTD?
a)
PLC sells shares on the Stock Market. LTD has to be invited to but shares/
b)
PLC cannot sell shares on stock market and must be invited to join. LTD can buy shares on stock market.
20.
True or False:
Sole Traders have Limited liability
Sole Traders have Limited liability
a)
True
b)
False
21.
True or False:
Sole Traders have Unlimited liability
Sole Traders have Unlimited liability
a)
True
b)
False
22.
True or False:
Sole trader businesses are easy to set up.
Sole trader businesses are easy to set up.
a)
True
b)
False
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